If Big Box Store has customers with identical demands, if it practices two-part pricing, the profit-maximizing access fee is ________ the consumer surplus.
A) less than
B) greater than
C) exactly double
D) equal to
D) equal to
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The figure above shows the cost, demand, and marginal revenue curves for a monopoly. At an output level of ________, demand is ________
A) 20; elastic B) 50; unit elastic C) 50; elastic D) 30; unit elastic
As output increases, average fixed cost
a. remains constant. b. decreases. c. rises and then falls. d. falls and then rises.
The quantity of money demanded decreases at every combination of GDP and interest rate. If the Fed holds to an unchanged money supply target, the interest rate __________ and GDP __________
A) rises; rises B) rises; falls C) falls; rises D) falls; falls
If there is a decline in the price of milk, an input in the production of ice cream, then there will be a(n)
A) decrease in the supply of ice cream and a leftward shift of the supply curve. B) decrease in the quantity of ice cream supplied and a movement up along the supply curve. C) increase in the supply of ice cream and a rightward shift of the supply curve. D) increase in the quantity of ice cream supplied and a movement down along the supply curve.